-Price has been held by $1.03 support
-Indicators show a breakout is soon
XRP rose 300% since the start of April. After being stuck under 1$ for nearly 3 years, thanks to the SEC lawsuit, XRP managed to breakout and set a three year high. This impulse was not held up well as BTC started downtrending a few days after XRP hit its high of $1.95. XRP needs to break above its to be considered again.
While looking at the chart we can see the bears have been in full control of XRP since the high set on April 14th. Not only did XRP have a meteoric rise the last few weeks, the cryptocurrency market overall was due for a pullback. At this point, we should expect bulls to start slowing entering the market as this has been one of worst percentage falls in nearly 5 months.
At the time of writing, the price has been held up by the 200 MA. If this level cannot hold, XRP risks another fall to $0.80-$0.90. In the case the bulls gain power back, XRP needs to break and hold the major of $1.15. If this level can return to support, XRP will rally to $1.30 and beyond. As of now, a break to $1.30 would also validate a breakout of the 10 day .
While looking at the , we can conclude that investors are unsure of the next move for XRP. The strength sits around the 50 mark awaiting a soon or break. Confirming a potential move, the is sitting low, coiling for a breakout. In addition, The histogram looks to be printing a tick within 12 hours.
XRP intraday levels
Spot rate: $1.05